Bitcoin price rallies after 2021 low as Dogecoin and Ethereum experience rise

Experts and analysts have been divided on what caused the sudden drop in value for the notoriously volatile currencies. Some point their finger at China’s crackdown on cryptocurrency.

Simon Peters, an analyst at eToro, told the Telegraph: “The primary reason for the sell-off has been the crackdown in China on mining operations and banking services.”

The ban on bitcoin mining companies, which use banks of computer processors to power the calculations that run the digital coin, have forced miners to abandon their operations.

A majority of global Bitcoin mining took place in China, accounting for 65 percent, according to the University of Cambridge’s Centre for Alternative Finance.